Millennial Buyers Want Their Down Payment

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Posted by: Claire Belby on Wednesday, July 15, 2015 at 12:00:00 am

We’ve talked about them on this blog before, the illusive millennial. Everyone follows their every move. We want to know what they think, what they buy, their favorite brand of _________. The housing world is no different. The market of first time buyers has dropped, the lack of new buyers has pulled some markets down and housing pundits want to change it. So the hunt to find out more about the millennial continues.

A new study by The Collingwood Group reveals that a majority of millennials – 65 percent – say they are very or somewhat likely to sacrifice some items such as cell phone, internet, cable and pricey coffee to save for a down payment. They also prefer an online mortgage process and are some are willing to pay more for it. In fact 21 percent of millennials said they would be willing to pay slightly more for a streamlined online process.

It’s an interesting premise. If you subscribe to the idea that you can’t have it all and homeownership is worth a few sacrifices, what would you be willing to give up to become a homeowner?